Category Archives: Economy

Florida: State of frustration

Posted on October 2, 2013 by David McKee

Given its mix of climate, tourism and geographic isolation from other U.S. casinos, Florida has always seemed a natural for casino expansion. Yet it remains — unless you’re the Seminole Tribe — a stubbornly disappointing market. That perception is unlikely … Continue reading →

Posted in Economy, Florida, Genting, Ohio, Tourism, Tribal | 1 Comment

Busted!; Crystals off the block; Rumble in Macao

Posted on September 27, 2013 by David McKee

Archie Karas (real name Anargyros Karabourniotis), high roller and reputed casino cheat is cooling his butt in a Las Vegas jail cell right now. The advantage player is facing extradition on charges that he bilked Barona Casino out of eight grand … Continue reading →

Posted in CityCenter, Current, Economy, Foxwoods, Macau, Massachusetts, MGM Mirage, Sheldon Adelson, Stanley Ho, The Strip, Tribal | Comments Off on Busted!; Crystals off the block; Rumble in Macao

Wall Street comes to the Strip, meets the big boys

Posted on September 24, 2013 by David McKee

Investment firms like J.P. Morgan and Deutsche Bank have been sending emissaries to Las Vegas this week, to meet with all the major gaming firms during Global Gaming Expo. Since the latter is being held at Sands Expo Center, perhaps … Continue reading →

Posted in Current, Economy, G2E, Isle of Capri, Japan, Macau, Marketing, Massachusetts, MGM Mirage, Missouri, Pennsylvania, Sheldon Adelson, Singapore, Steve Wynn, The Strip, Tourism, Wall Street | Comments Off on Wall Street comes to the Strip, meets the big boys

Quote of the Day

Posted on September 24, 2013 by David McKee

“With respect to domestic gaming markets, management’s comments were frank. [Pinnacle Entertainment] believes that domestic gaming markets have become saturated and are no longer a novelty for domestic consumers.” — Carlo Santarelli, reporting on an investor presentation by Pinnacle executives.

Posted in Economy, G2E, Pinnacle Entertainment, Wall Street | 1 Comment

All’s well at Pinnacle; Atlantic City’s PR jackpot

Posted on September 23, 2013 by David McKee

So reports J.P. Morgan analyst Joseph Greff, who met with Pinnacle Entertainment brass. The latter characterized their absorption of Ameristar Casinos as “on track.” Part of this is due to five “synergy buckets,” which represent everything from job cuts to … Continue reading →

Posted in Ameristar, Atlantic City, Economy, Marketing, Ohio, Pinnacle Entertainment, Wall Street | Comments Off on All’s well at Pinnacle; Atlantic City’s PR jackpot

(Almost) Everybody wins in Louisiana

Posted on September 19, 2013 by David McKee

First the good news: Louisiana was up 14% last month. Now the less-good news: Take away the two new riverboats and the market was up 1%. L’Auberge Baton Rouge and Margaritaville, in Shreveport, were getting the job done, in essence, … Continue reading →

Posted in Boyd Gaming, Economy, Louisiana, Penn National, Pinnacle Entertainment, Wall Street | Comments Off on (Almost) Everybody wins in Louisiana

Quote of the Day

Posted on September 19, 2013 by David McKee

“Really? Really? Caesars thinks they can do a billion dollars a year? Well. Hmm. If you look at some of the revenues from 2005, ‘06, ‘07, you can find a few individual properties generating those kinds of revenues. Today? Not … Continue reading →

Posted in Economy, Harrah's, Massachusetts | Comments Off on Quote of the Day

This is a joke, right?

Posted on September 17, 2013 by David McKee

Joseph “Tomato King” Procacci‘s casino bid in Philadelphia is fast becoming the clown car at the circus. Every time he opens its door, a zillion putty-nosed faces come tumbling out. His newest gambit has been to announce a vast theme … Continue reading →

Posted in Atlantic City, Donald Trump, Economy, Foxwoods, Mohegan Sun, Pennsylvania, Regulation, Tomato King Procacci | Comments Off on This is a joke, right?

Better times are here

Posted on September 16, 2013 by David McKee

Las Vegas remains lumbered with journalistic dinosaur Sherman Frederick, a grumbling, blogging old fussbudget who predicts doom and gloom as he tucks into his stewed prunes every morning. I’ve never run across anybody who rooted against their home town so … Continue reading →

Posted in CityCenter, Current, Economy, Entertainment, G2E, Hard Rock Hotel, Harrah's, International, MGM Mirage, Morgans Hotel Group, Phil Ruffin, The Mob, The Strip | 1 Comment

Upturn in Illinois, blindsided in Indiana

Posted on September 10, 2013 by David McKee

Could we finally be seeing “green shoots” in Illinois, up 5% last month? Maybe, although such recovery as there was consisted of the force that is Rivers Casino, up 36%. Penn National Gaming‘s three casinos posted a feeble $29 million, … Continue reading →

Posted in Current, Economy, Harrah's, Illinois, Indiana, MGM Mirage, Neil Bluhm, Ohio, Penn National, Pinnacle Entertainment, Racinos, Regulation, Slot routes, Wall Street | Comments Off on Upturn in Illinois, blindsided in Indiana

Lady Unlucky; Struggling in Ohio; Big deal at MTR

Posted on September 10, 2013 by David McKee

Isle of Capri Casinos appears to have laid an egg with Lady Luck Casino at Nemacolin Woodlands Resort and is now having to lay off 15% of the workforce. Much of the blame properly goes with the State of Pennsylvania‘s … Continue reading →

Posted in Economy, Harrah's, Isle of Capri, MTR Gaming, Ohio, Penn National, Pennsylvania, Racinos, Regulation | 1 Comment

Quote of the Day

Posted on September 10, 2013 by David McKee

“What we don’t need in Vegas is more hotel rooms and more casino capacity.” — Caesars Entertainment CEO Gary Loveman, currently the only major CEO adding hotel and gambling capacity along the Strip.

Posted in Economy, Harrah's, The Strip | 1 Comment

Foxwoods: Mo’ money; Hard Rock brings it on; Wishful thinking at Cosmo

Posted on September 3, 2013 by David McKee

Caved, shaken down, outfoxed: Take your choice of term as Foxwoods Massachusetts has seemingly capitulated to Milford selectmen and raised its downpayment from $18 million to $34 million. All it took was a few grumblings from the aforementioned selectmen and … Continue reading →

Posted in Cosmopolitan, Dining, Economy, Entertainment, Foxwoods, Hard Rock International, Massachusetts, MGM Mirage, Sheldon Adelson, Steve Wynn | Comments Off on Foxwoods: Mo’ money; Hard Rock brings it on; Wishful thinking at Cosmo

More turmoil at Sands; Pensions want a bigger slice of Caesars

Posted on September 3, 2013 by David McKee

David Sisk, the COO of Sands China, has resigned — the latest casualty of high executive turnover in Sheldon Adelson‘s fiefdom. You’d think that such instability in the upper ranks would give Wall Street an ulcer. But when Sands is … Continue reading →

Posted in Current, Economy, Foxwoods, Harrah's, Macau, Rhode Island, Sheldon Adelson, Wall Street | Comments Off on More turmoil at Sands; Pensions want a bigger slice of Caesars

“Ugly” month on the Strip

Posted on August 30, 2013 by David McKee

That’s the word that normally temperate J.P. Morgan analyst Joseph Greff employedd to describe a July in with Las Vegas Strip winnings fell 14% (as opposed to 8% statewide; others had a different perspective). And since the month began and … Continue reading →

Posted in Current, Downtown, Economy, Lake Tahoe, Laughlin, North Las Vegas, Reno, The Strip | 1 Comment

Quote of the Day

Posted on August 28, 2013 by David McKee

“There seems to be some state officials who would like to dictate what kind of jobs are good for a particular area,” Cleveland County Chamber President Michael Chrisawn, responding to leading GOP legislators in North Carolina who are threatening to … Continue reading →

Posted in Economy, Tribal | Comments Off on Quote of the Day

Sands pays The Man; Brothel bargains; Caesars goes to Boston

Posted on August 28, 2013 by David McKee

Uncle Sam is $47 million richer today after collecting an eight-figure settlement from Las Vegas Sands. Seems the latter had been operating on the outer fringes of legality when handling large sums of moolah from Zhenli Ye Gon. The latter, … Continue reading →

Posted in Current, Economy, Entertainment, Harrah's, International, Massachusetts, Sheldon Adelson, Steve Wynn | Comments Off on Sands pays The Man; Brothel bargains; Caesars goes to Boston

Atlantic City: Half-full or half-empty?; Crosby tips his hand

Posted on August 23, 2013 by David McKee

It depends on which newspaper you read. The Press of Atlantic City took the half-full route, focusing on the profits made by eight of the city’s dozen casinos. The Associated Press pointed to the narrowing margin of aforesaid gross-operating profitability. … Continue reading →

Posted in Boyd Gaming, Donald Trump, Economy, Foxwoods, Harrah's, International, James Packer, Massachusetts, Mohegan Sun, Pennsylvania, Problem gambling, Regulation, Revel, Sheldon Adelson, Steve Wynn, The Strip | 1 Comment

Troubling trend in Mississippi; Caesars pleads poverty

Posted on August 22, 2013 by David McKee

Evidence of casino saturation in the U.S. (and economic malaise) continues to mount. Following a 6% dropoff in Mississippi casino revenues for July, the Biloxi Sun-Herald‘s Mary Perez was moved to examine a larger trend. Here’s what she found in … Continue reading →

Posted in Current, Economy, Harrah's, Louisiana, Mississippi, Reno | 1 Comment

Better late than never in A.C.

Posted on August 21, 2013 by David McKee

Under the leadership of the Atlantic City Alliance, the Boardwalk is finally getting its act together. (Makes you feel like a proud papa, doesn’t it?) Now through 2016, the ACA will offer $1 million in annual subsidies to conventions. The … Continue reading →

Posted in Atlantic City, Boyd Gaming, Current, Economy, Florida, Macau, Racinos, Revel, Tourism | 1 Comment